UK’s De La Rue flags ‘implicated’ activities in India probe

Jan 20 (Reuters) – Banknote printer De La Rue (DLAR.L) said on Friday that the group’s activities in India before 2016 were implicated in a probe by India’s top research agency. said he knew.

The company’s stock fell 8% to a six-month low.

The British group said it was aware from “public sources” that India’s Central Bureau of Investigation (CBI) was investigating the conduct of former Indian Finance Minister Arvind Mayaram, but the agency said it had no official information. said he had not been contacted directly by .

In a statement, De La Rue said the allegations related to the group were baseless and it was seeking legal advice, but declined to comment further on the nature of the charges. has provided security threads for banknotes in India.

Reuters was unable to reach Mayaram by phone and WhatsApp, and the CBI did not immediately respond to inquiries.

The company also suspended its banknote printing operations in Kenya and said it could not expect new orders from the African country’s central bank over the next 12 months due to low market demand.

However, the joint venture with the Kenyan government has operations in the country and remains active, the company added.

“The company continues to explore further business opportunities in both Kenya and exports from Kenya, with a view to resuming production when the economic climate permits,” De La Rue said.

Reporting by Muhammad Hussein of Bangalore, additional reporting by Aftab Ahmed, editing by Nivedita Bhattacharjee and Irene Soren

Our standards: Thomson Reuters Trust Principles.

Leave a Reply

Your email address will not be published. Required fields are marked *